In August 1, 2017, the Monetary Authority of Singapore (MAS) announced that all initial coin offerings will be regulated by the MAS. Besides ICOs, there are no present bans as it pertains to cryptocurrency use or exchanges. Cryptocurrencies are not considered legal tender, and Bitcoin falls into the "Goods" category. Singapore applies the "Goods and Services" tax to Bitcoin and other cryptocurrencies. In January 2018, the deputy prime minister of Singapore announced that cryptocurrencies would be subject to the same Anti-money laundering and terrorist financing measures as traditional currencies.

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